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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VICI Properties LP</name>
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      <invstOrSec>
        <name>RTX Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-15</maturityDt>
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      <invstOrSec>
        <name>HCA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-15</maturityDt>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <balance>600000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-20</maturityDt>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPMorgan Chase &amp; Co.</title>
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        <balance>300000.00000000</balance>
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        <valUSD>229426.44000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-22</maturityDt>
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          <annualizedRt>3.10900000</annualizedRt>
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      <invstOrSec>
        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54749.41000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Peru Government Bond</title>
        <cusip>715638EC2</cusip>
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          <isin value="US715638EC21"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>222173.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Carrier Global Corp.</name>
        <lei>549300JE3W6CWY2NAN77</lei>
        <title>Carrier Global Corp.</title>
        <cusip>14448CAR5</cusip>
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          <isin value="US14448CAR51"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>59243.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-05</maturityDt>
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          <annualizedRt>3.37700000</annualizedRt>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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        <balance>100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arthur J Gallagher &amp; Co.</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>Arthur J Gallagher &amp; Co.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-20</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Edison Co.</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co.</title>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58325.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Georgia Power Co.</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co., Series B</title>
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        <valUSD>67267.40000000</valUSD>
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        <invCountry>US</invCountry>
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          <annualizedRt>3.70000000</annualizedRt>
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        <name>Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.</name>
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        <cusip>03522AAJ9</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
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        <valUSD>116383.54000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2053-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co.</title>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96996.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Commonwealth Edison Co.</name>
        <lei>D8YOXB8L2ZDC8P7Q0771</lei>
        <title>Commonwealth Edison Co., Series 130</title>
        <cusip>202795JT8</cusip>
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          <isin value="US202795JT82"/>
          <other otherDesc="Inhouse Asset ID" value="1172273"/>
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        <balance>60000.00000000</balance>
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        <name>IBM International Capital Pte. Ltd.</name>
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        <name>Nippon Life Insurance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL</name>
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        <name>Oracle Corp.</name>
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        <name>Lockheed Martin Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Owens Corning</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSX Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Icon Investments Six DAC</name>
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        <invCountry>IE</invCountry>

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        <name>Energy Transfer LP</name>
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        <name>Targa Resources Corp.</name>
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        <name>Huntsman International LLC</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <title>UnitedHealth Group, Inc.</title>
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        <name>General Dynamics Corp.</name>
        <lei>9C1X8XOOTYY2FNYTVH06</lei>
        <title>General Dynamics Corp.</title>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Duke Energy Progress LLC</name>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Northern States Power Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Diamondback Energy, Inc.</name>
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        <name>Barclays plc</name>
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        <invCountry>GB</invCountry>
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        <name>Energy Transfer LP</name>
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        <name>Union Pacific Corp.</name>
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        <name>Leland Stanford Junior University (The)</name>
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        <name>Florida Power &amp; Light Co.</name>
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        <name>Electricite de France SA</name>
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        <name>Tapestry, Inc.</name>
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        <name>Sutter Health</name>
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        <name>Verizon Communications, Inc.</name>
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        <title>Verizon Communications, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arthur J Gallagher &amp; Co.</name>
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        <title>Arthur J Gallagher &amp; Co.</title>
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          <isin value="US04316JAB52"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freeport-McMoRan, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kingdom of Saudi Arabia</name>
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          <isin value="US80413TBE82"/>
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        <invCountry>SA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-01-18</maturityDt>
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      <invstOrSec>
        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government Bond</title>
        <cusip>91086QBB3</cusip>
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          <isin value="US91086QBB32"/>
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        <balance>250000.00000000</balance>
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        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-08</maturityDt>
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      <invstOrSec>
        <name>Haleon US Capital LLC</name>
        <lei>549300N8C3A3L0UVQB07</lei>
        <title>Haleon US Capital LLC</title>
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          <isin value="US36264FAN15"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-24</maturityDt>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co.</title>
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          <isin value="US532457CH90"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>161651.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2063-02-27</maturityDt>
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      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
        <cusip>124857AK9</cusip>
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          <isin value="US124857AK99"/>
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        <balance>165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>129592.37000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Peru Government Bond</title>
        <cusip>715638FD9</cusip>
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          <isin value="US715638FD94"/>
          <other otherDesc="Inhouse Asset ID" value="1490824"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>220990.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-30</maturityDt>
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          <annualizedRt>6.20000000</annualizedRt>
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      <invstOrSec>
        <name>Howmet Aerospace, Inc.</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>Howmet Aerospace, Inc.</title>
        <cusip>013817AK7</cusip>
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          <isin value="US013817AK77"/>
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        <balance>230000.00000000</balance>
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        <valUSD>244027.24000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-02-01</maturityDt>
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      <invstOrSec>
        <name>Fox Corp.</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp.</title>
        <cusip>35137LAJ4</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-25</maturityDt>
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      <invstOrSec>
        <name>Salesforce, Inc.</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>Salesforce, Inc.</title>
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        <balance>400000.00000000</balance>
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        <valUSD>254910.05000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
        <cusip>031162CR9</cusip>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>138053.65000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-02-21</maturityDt>
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          <annualizedRt>3.15000000</annualizedRt>
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        <name>BlackRock Funding, Inc.</name>
        <lei>N/A</lei>
        <title>BlackRock Funding, Inc.</title>
        <cusip>09290DAC5</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-14</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Global Payments, Inc.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments, Inc.</title>
        <cusip>37940XAR3</cusip>
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        <balance>200000.00000000</balance>
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        <valUSD>190172.05000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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        <name>American International Group, Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group, Inc.</title>
        <cusip>026874DA2</cusip>
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        <valUSD>147067.47000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-16</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Marsh &amp; McLennan Cos., Inc.</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>Marsh &amp; McLennan Cos., Inc.</title>
        <cusip>571748BT8</cusip>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57836.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Newmont Corp. / Newcrest Finance Pty. Ltd.</name>
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      <invstOrSec>
        <name>Westlake Corp.</name>
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        <name>Marriott International, Inc.</name>
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        <name>Comcast Corp.</name>
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        <name>CSL Finance plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kinder Morgan, Inc.</name>
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        <name>Berkshire Hathaway Finance Corp.</name>
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        <title>Berkshire Hathaway Finance Corp.</title>
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        <name>Amgen, Inc.</name>
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        <title>Amgen, Inc.</title>
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        <name>T-Mobile USA, Inc.</name>
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        <name>PG&amp;E Wildfire Recovery Funding LLC</name>
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        <name>Boeing Co. (The)</name>
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        <name>MidAmerican Energy Co.</name>
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        <name>Siemens Financieringsmaatschappij NV</name>
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        <name>PECO Energy Co.</name>
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        <name>Duke Energy Florida LLC</name>
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        <name>Massachusetts Institute of Technology</name>
        <lei>DLZO3A31IADZ27B62557</lei>
        <title>Massachusetts Institute of Technology, Series G</title>
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        <name>McDonald's Corp.</name>
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        <name>McDonald's Corp.</name>
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        <name>JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL</name>
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        <name>Virginia Electric and Power Co.</name>
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        <name>Arch Capital Group US, Inc.</name>
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        <name>President and Fellows of Harvard College</name>
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        <name>Vodafone Group plc</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Roche Holdings, Inc.</name>
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        <name>UPMC</name>
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        <name>ConocoPhillips Co.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
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        <name>Chubb INA Holdings LLC</name>
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        <name>American Express Co.</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>Baltimore Gas and Electric Co.</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>Dominion Energy, Inc.</name>
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        <name>Duke Energy Progress LLC</name>
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        <name>AbbVie, Inc.</name>
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        <name>Keurig Dr Pepper, Inc.</name>
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        <name>CommonSpirit Health</name>
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        <name>Netflix, Inc.</name>
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        <name>BAE Systems plc</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
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        <name>JBS USA Holding LUX SARL / JBS USA Food Co. / JBS LUX Co. SARL</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Athene Holding Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Simon Property Group LP</name>
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          <maturityDt>2042-03-15</maturityDt>
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        <name>United Nations Development Corp.</name>
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        <name>Hess Corp.</name>
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        <name>Thermo Fisher Scientific, Inc.</name>
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        <name>Hyundai Capital America</name>
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        <name>Mayo Clinic</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
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        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
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        <name>Republic of Chile</name>
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        <name>Bank of America Corp.</name>
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        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
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        <name>United States of America</name>
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        <name>Paramount Global</name>
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        <name>Progressive Corp. (The)</name>
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          <maturityDt>2047-04-15</maturityDt>
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        <name>Apple, Inc.</name>
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        <title>Apple, Inc.</title>
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        <name>Microsoft Corp.</name>
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        <name>Elevance Health, Inc.</name>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
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        <name>University of Miami</name>
        <lei>5493008ZSVWUNRYQE312</lei>
        <title>University of Miami, Series 2022</title>
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        <name>American Water Capital Corp.</name>
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        <name>Hess Corp.</name>
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        <name>Arch Capital Group Ltd.</name>
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        <name>Kenvue, Inc.</name>
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        <name>Northrop Grumman Corp.</name>
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        <name>Cigna Group (The)</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Jefferies Financial Group, Inc.</name>
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        <name>Medtronic, Inc.</name>
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        <name>Health Care Service Corp. A Mutual Legal Reserve Co.</name>
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        <name>Paramount Global</name>
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        <name>Commonwealth Edison Co.</name>
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        <name>Home Depot, Inc. (The)</name>
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        <name>Intel Corp.</name>
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        <name>Duke Energy Corp.</name>
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        <name>Martin Marietta Materials, Inc.</name>
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        <name>Ascension Health</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>General Dynamics Corp.</name>
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        <name>DTE Electric Co.</name>
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        <name>Oracle Corp.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Kroger Co. (The)</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
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      <invstOrSec>
        <name>Walt Disney Co. (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rogers Communications, Inc.</name>
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        <title>Rogers Communications, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-15</maturityDt>
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        <name>Boeing Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Westlake Corp.</name>
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        <title>Westlake Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-15</maturityDt>
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        <name>AT&amp;T, Inc.</name>
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        <title>AT&amp;T, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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        <title>Oracle Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-15</maturityDt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <valUSD>82138.45000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-18</maturityDt>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
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        <valUSD>339562.17000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-15</maturityDt>
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          <annualizedRt>4.39000000</annualizedRt>
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      <invstOrSec>
        <name>Sysco Corp.</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>Sysco Corp.</title>
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        <balance>80000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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        <name>Mars, Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>Mars, Inc.</title>
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        <balance>150000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-16</maturityDt>
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        <name>Wells Fargo &amp; Co.</name>
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        <title>Wells Fargo &amp; Co.</title>
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        <balance>100000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-04-30</maturityDt>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-01</maturityDt>
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        <name>Public Service Electric and Gas Co.</name>
        <lei>549300RUHPVD434XUK18</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Boeing Co. (The)</name>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-11-01</maturityDt>
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        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-15</maturityDt>
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          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
        <cusip>58933YBF1</cusip>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>121586.01000000</valUSD>
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        <name>Microsoft Corp.</name>
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        <name>Paramount Global</name>
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        <name>Nasdaq, Inc.</name>
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        <name>Baxter International, Inc.</name>
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        <name>Energy Transfer LP</name>
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        <name>Entergy Louisiana LLC</name>
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        <name>AT&amp;T, Inc.</name>
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        <name>Duke Energy Carolinas LLC</name>
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        <name>Comcast Corp.</name>
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        <name>Corning, Inc.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Consumers Energy Co.</name>
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        <name>Royalty Pharma plc</name>
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        <name>Fiserv, Inc.</name>
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        <name>RTX Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX Corp.</title>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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      <invstOrSec>
        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Visa, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Altria Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MidAmerican Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-04-15</maturityDt>
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      <invstOrSec>
        <name>Moody's Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-19</maturityDt>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <title>Marsh &amp; McLennan Cos., Inc.</title>
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        <valUSD>76134.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-03-15</maturityDt>
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          <annualizedRt>4.90000000</annualizedRt>
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        <name>PepsiCo, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PepsiCo, Inc.</title>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44978.77000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-07-18</maturityDt>
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          <annualizedRt>4.20000000</annualizedRt>
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        <name>Walmart, Inc.</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-04-15</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Ascension Health</name>
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        <valUSD>131663.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
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        <issuerCat>CORP</issuerCat>
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        <name>Pfizer Investment Enterprises Pte. Ltd.</name>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Florida Power &amp; Light Co.</name>
        <lei>A89MY1K3YLIGJMYWVX50</lei>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>Great-West Lifeco Finance Delaware LP</name>
        <lei>549300604SRFDFB35F35</lei>
        <title>Great-West Lifeco Finance Delaware LP</title>
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        <invCountry>US</invCountry>

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        <name>Appalachian Power Co.</name>
        <lei>3SCHO1ABYYIG382BEI70</lei>
        <title>Appalachian Power Co.</title>
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        <invCountry>US</invCountry>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
        <cusip>404280DW6</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Cooperatieve Rabobank UA</name>
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        <name>Kellanova</name>
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        <name>PPL Electric Utilities Corp.</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>Rio Tinto Finance USA plc</name>
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        <name>University of Southern California</name>
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        <name>Republic of the Philippines</name>
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        <name>Intuit, Inc.</name>
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        <name>PacifiCorp</name>
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        <name>MPLX LP</name>
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        <name>Athene Holding Ltd.</name>
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        <name>BP Capital Markets America, Inc.</name>
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        <name>Novartis Capital Corp.</name>
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        <name>Southern California Gas Co.</name>
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        <name>Norfolk Southern Corp.</name>
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        <title>Norfolk Southern Corp.</title>
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        <name>Berkshire Hathaway Finance Corp.</name>
        <lei>549300RLHFT5RU20WM87</lei>
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        <name>ING Groep NV</name>
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        <name>Ingersoll Rand, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Anglo American Capital plc</name>
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        <name>Cargill, Inc.</name>
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        <name>Owens Corning</name>
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        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
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        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <name>Meta Platforms, Inc.</name>
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        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
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        <name>UnitedHealth Group, Inc.</name>
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      <invstOrSec>
        <name>Novartis Capital Corp.</name>
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        <title>Novartis Capital Corp.</title>
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      <invstOrSec>
        <name>Simon Property Group LP</name>
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        <title>Simon Property Group LP</title>
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          <isin value="US828807CZ89"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-30</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
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        <title>AT&amp;T, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Texas</name>
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        <title>State of Texas, Series 2009 A</title>
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          <isin value="US882722KF74"/>
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        <balance>355000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-04-01</maturityDt>
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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
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        <valUSD>130647.65000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-04-15</maturityDt>
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        <name>Viper Energy Partners LLC</name>
        <lei>54930010ZZ02MRGRI973</lei>
        <title>Viper Energy Partners LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
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          <annualizedRt>5.70000000</annualizedRt>
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        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government Bond</title>
        <cusip>91087BBD1</cusip>
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          <isin value="US91087BBD10"/>
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        <balance>350000.00000000</balance>
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        <valUSD>361550.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-13</maturityDt>
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        <name>TotalEnergies Capital SA</name>
        <lei>529900QI55ZLJVCMPA71</lei>
        <title>TotalEnergies Capital SA</title>
        <cusip>89157XAC5</cusip>
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          <isin value="US89157XAC56"/>
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        <balance>175000.00000000</balance>
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        <valUSD>167949.24000000</valUSD>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2064-04-05</maturityDt>
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          <annualizedRt>5.63800000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <cusip>38141GC51</cusip>
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        <valUSD>120589.93000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2056-01-28</maturityDt>
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        <name>Motorola Solutions, Inc.</name>
        <lei>6S552MUG6KGJVEBSEC55</lei>
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        <name>Northern States Power Co.</name>
        <lei>3S1GHB0TEH85KX44SB51</lei>
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        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
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        <name>Brown &amp; Brown, Inc.</name>
        <lei>549300PC8KTJ71XKFY89</lei>
        <title>Brown &amp; Brown, Inc.</title>
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        <balance>150000.00000000</balance>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810UF3</cusip>
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        <balance>335000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-15</maturityDt>
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      <invstOrSec>
        <name>Foundry JV Holdco LLC</name>
        <lei>21380048QROAMGM6EP30</lei>
        <title>Foundry JV Holdco LLC</title>
        <cusip>350930AJ2</cusip>
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        <balance>400000.00000000</balance>
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        <valUSD>411596.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alabama Power Co.</name>
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        <name>DTE Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Walmart, Inc.</name>
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        <title>Walmart, Inc.</title>
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      <invstOrSec>
        <name>Norfolk Southern Corp.</name>
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        <title>Norfolk Southern Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Eastern Energy Gas Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Brown &amp; Brown, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-23</maturityDt>
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        <name>United States of America</name>
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        <title>U.S. Treasury Bonds</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-15</maturityDt>
          <couponKind>None</couponKind>
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        <name>Bermuda</name>
        <lei>549300FP5PUZXX9FVJ40</lei>
        <title>Bermuda Government Bond</title>
        <cusip>085209AH7</cusip>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>134514.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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        <name>RTX Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
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        <curCd>USD</curCd>
        <valUSD>99083.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-05-04</maturityDt>
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        <name>Bristol-Myers Squibb Co.</name>
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        <title>Bristol-Myers Squibb Co.</title>
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        <balance>20000.00000000</balance>
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        <valUSD>19358.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-02-22</maturityDt>
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          <annualizedRt>5.55000000</annualizedRt>
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        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2046-05-15</maturityDt>
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          <annualizedRt>4.90000000</annualizedRt>
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        <name>Cigna Group (The)</name>
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        <title>Cigna Group (The)</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2050-03-15</maturityDt>
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        <name>DR Horton, Inc.</name>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Dell International LLC / EMC Corp.</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-15</maturityDt>
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          <annualizedRt>3.37500000</annualizedRt>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co.</title>
        <cusip>532457CT3</cusip>
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        <balance>110000.00000000</balance>
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        <valUSD>102835.22000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-08-14</maturityDt>
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          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>Synopsys, Inc.</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>Synopsys, Inc.</title>
        <cusip>871607AG2</cusip>
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        <balance>200000.00000000</balance>
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        <valUSD>197372.96000000</valUSD>
        <pctVal>0.335459808538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oriental Republic of Uruguay</name>
        <lei>549300RDR012H2V82H43</lei>
        <title>Uruguay Government Bond</title>
        <cusip>760942BA9</cusip>
        <identifiers>
          <isin value="US760942BA98"/>
          <other otherDesc="Inhouse Asset ID" value="661333"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>276018.00000000</valUSD>
        <pctVal>0.469126801529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
        <cusip>92343VBG8</cusip>
        <identifiers>
          <isin value="US92343VBG86"/>
          <other otherDesc="Inhouse Asset ID" value="559093"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63712.74000000</valUSD>
        <pctVal>0.108287698385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vulcan Materials Co.</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Co.</title>
        <cusip>929160BD0</cusip>
        <identifiers>
          <isin value="US929160BD00"/>
          <other otherDesc="Inhouse Asset ID" value="1421118"/>
        </identifiers>
        <balance>135000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>133697.16000000</valUSD>
        <pctVal>0.227234894261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corning, Inc.</name>
        <lei>549300X2937PB0CJ7I56</lei>
        <title>Corning, Inc.</title>
        <cusip>219350BP9</cusip>
        <identifiers>
          <isin value="US219350BP93"/>
          <other otherDesc="Inhouse Asset ID" value="1174476"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75589.33000000</valUSD>
        <pctVal>0.128473435111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bayer US Finance II LLC</name>
        <lei>529900XWNEXYNJ3X6T40</lei>
        <title>Bayer US Finance II LLC</title>
        <cusip>07274NBF9</cusip>
        <identifiers>
          <isin value="US07274NBF96"/>
          <other otherDesc="Inhouse Asset ID" value="1277574"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>156234.69000000</valUSD>
        <pctVal>0.265540219868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
        <cusip>031162DS6</cusip>
        <identifiers>
          <isin value="US031162DS61"/>
          <other otherDesc="Inhouse Asset ID" value="1238480"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>172963.35000000</valUSD>
        <pctVal>0.293972650940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hess Midstream Operations LP</name>
        <lei>N/A</lei>
        <title>Hess Midstream Operations LP</title>
        <cusip>428102AE7</cusip>
        <identifiers>
          <isin value="US428102AE79"/>
          <other otherDesc="Inhouse Asset ID" value="1158141"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>242113.28000000</valUSD>
        <pctVal>0.411501527632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mars, Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>Mars, Inc.</title>
        <cusip>571676BC8</cusip>
        <identifiers>
          <isin value="US571676BC81"/>
          <other otherDesc="Inhouse Asset ID" value="1450770"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>108640.31000000</valUSD>
        <pctVal>0.184647672062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-09-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Investors Securities Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
